Consolidating federal stafford student loans dating a woman 8 years older
But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe ,000 and above, or the 5.6% who owe more than 0,000.Chances are if you’re dealing with student loan debt, you’re not just dealing with one loan. And if you couldn’t cover the costs with federal loans, you very well may have turned to a private lender, such as a bank or other lending institution (e.g., Sallie Mae) to fund the rest of your expenses.Consolidation is a way to make repaying student loans more manageable, and possibly less expensive.You combine all your student loans, take out one big consolidation loan and use it to pay off all the others.Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans — the types of loans, interest rates, balances, borrower benefits, and more — as well as your current financial situation.It’s important to remember that there are different types of loans — most significantly, there’s a big difference between federal loans (those issued by the U. government) and private loans (those issued by a bank, credit union, or other lending institution).If like many college graduates, you have multiple student loans, you’ve probably heard the term “student loan consolidation” thrown around more than once when talking about repayment options.
If some or all of your student loans were from private lenders, you will have to use a refinancing program to achieve similar results.
Each has its own pros and cons, which we’ll get into in a little bit.
But in general, here are some of the benefits and potential drawbacks when considering student loan consolidation.
You are left with one payment to one lender every month.
The typical student borrower receives money from federal loan programs every semester in school.
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If you consolidate your federal and private loans with a private loan provider, you may lose your chance to enroll in income-based repayment options or to apply for a deferment if you become unemployed, experience an economic hardship, or experience other circumstances.